Bitcoin’s Price Rollercoaster: What’s Next for the Cryptocurrency Giant?

Recently, Bitcoin’s price took a nosedive, hitting a five-month low of roughly $74,000 on April 7. This dramatic downturn has left many investors scratching their heads, wondering if that is Bitcoin’s most reasonably priced phase yet or if there’s more turbulence ahead. According to Tony Severino, a CMT-certified technical analyst, Bitcoin hasn’t hit all-time low just yet. He believes we would see prices dip further into the $38,000 to $42,000 range.

The Recent Bitcoin Slide and Future Market Perspectives

Bitcoin’s price has been on a wild ride, dipping all the way down to that $74,000 mark. While some folks are debating whether that is the bottom it can go, others see this as just one other chapter in Bitcoin’s volatile journey. Tech expert Tony Severino, searching through the lens of technical evaluation, predicts a fall to somewhere between $38,000 and $42,000. He uses Elliott Wave Theory to back up his prediction, analyzing Bitcoin’s historical price movements.

Severino suggests that this major drop is not necessarily a cause for alarm. Instead, it aligns with typical market cycles. Given the digital asset market’s unpredictable nature, such price adjustments are par for the course. This current phase is likely to be a short lived blip before the market catches its breath and rebounds.

Diving Deeper: Elliott Wave Theory and Bitcoin’s Movements

Severino’s evaluation leans heavily on the Elliott Wave Theory, which breaks down market movements into specific wave patterns. During an upward trend, an asset typically follows a set of 5 waves, while a downturn sees three. Right now, Bitcoin appears to be in a corrective phase, having hit an all-time high of $85,000 before showing signs of retreat.

According to Severino, Bitcoin is currently navigating through this corrective phase, consisting of three waves: Wave A, which is almost complete, followed by Wave B, which could see prices rally to $62K to $65K, and eventually Wave C, which could drag prices all the way down to $38,000-$42,000. This pattern closely mirrors previous Bitcoin bear markets, lending credibility to his forecast.

Image 1 – Provided by Tony Severino, published on X on April 9, 2025

The Death Cross Phenomenon and Market Sentiment

Severino’s evaluation suggests that Bitcoin’s bear market could persist, fueled by the ominous Death Cross pattern that has formed. This pattern is usually seen as a harbinger of more downward movement. If current trends hold, Bitcoin’s price might proceed to slip until it finds a robust support level, with predictions placing it within the $38,000 to $42,000 range over the following few months, possibly extending into mid-2026.

Image 2 – Provided by Emmaculate, published on TradingView on April 9, 2025

While this volatility is nerve-wracking for some investors, Severino sees it as a part of Bitcoin’s typical market cycle. He believes that after this anticipated dip, Bitcoin could kick off a brand new growth phase, especially with the following halving event set for mid-2026.

With Bitcoin’s recent drop to $74,000, the market stays on edge, uncertain about what lies ahead. Severino’s forecast of a possible fall to $38,000 – $42,000 adds to the suspense. Despite the present market jitters, there’s hope for long-term growth, especially as we approach the 2026 halving event.

Image Credit: coinfomania.com